Suez Canal crisis: Egypt may seek $1 billion compensation
A satellite image shows stranded container ship Ever Given after it ran aground in Suez Canal, Egypt (File Photo).
Egypt on Wednesday said that it may seek compensation worth $1 billion after agiant container ship ran aground, choking off international trade through theSuezCanal for almost a week.
According toSuez Canal Authority chief executive Osama Rabie, the amount is an estimate of the losses linked to transit fees, damages incurred during dredging and salvage efforts.
“This is the right of the country. It should get its due,''Rabie said.
The six-day blockage threw global supply chains into disarray after the 400-metre-long (430-yard) ship became jammed diagonally across a southern section of the canal, the shortest shipping route between Europe and Asia.
TheSuezCanal Authority (SCA) said on Wednesday that shipping had returned to normal levels, with a total of 81 ships transiting the canal.
Egypt's Leth Agencies said on Wednesday that a total of 163 ships had transited theSuezCanal since its reopening and that 292 ships were currently waiting.
Five LNG vessels transited on Tuesday, commodities analysts Kpler said in a note, adding that it appeared congestion at the canal was "now quickly tapering off".
The SCA has scheduled accelerated shipping convoys and has said it hopes the backlog of ships can be cleared by the end of the week.
The blocking of the canal is expected to give rise to flurry of insurance claims, with Lloyd's of London expecting a "large loss", possibly amounting to $100 million or more, according to its chairman.
The Japanese owner of the Ever Given said it had not received any claims or lawsuits over the blockage.